AUD/USD targets 0.9523 – Commerzbank

FXStreet (Edinburgh) - The Aussie dollar keeps its bullish pace and would target 0.9523, according to Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“AUD/USD has eroded the .9448/60 resistance (November 2013 and the April high) and surged into 8 month highs”.

“We target .9523, the 78.6% retracement of the move down from October 2013. This together with the .9542 November 2013 high guards the .9757 October 2013 high”.

“We note that the daily RSI has not confirmed the new high, but beyond a dip back to circa .9430, the market should recover”.